Hello Hunter owners, I long to be one of you, but I have a problem. Ill try to be thorough, but brief. I am in the military, and was looking at a Hunter 30 to live a board. I paid off all my debts, too include two cars, college loan, credit cards, and I currently live in the ghetto and eat Ramen all day, just to save $$. I found the perfect boat, its around $38K, and I thought "no problem". Well I do have a problem. Even though I have the 10% down (even more if needed, but thats not the point) I cannot get a loan because I dont have enough "liquid assets" in the bank. It was explained to me that had I kept my money in the bank and not paid off all my debts, I could get the loan. Thats the most ridiculous thing I have ever heard. I owe $192 a month on a Harley, and thats it, other than rent, but the boat was to be a live a aboard, so that would have stopped. Does anyone know a logical lender? I can buy a more expensive car, finance for 5 years, and its no problem. WTF? Any advice?
- Status
First you have to show...........
In order to get a loan, you first have to prove that you really don't need one !!!!!!!!! Yes - it's nuts but that's how it works. Have you tried a mortgage company and buy it as your primary residence - that is - where you will actually live ???? They maybe able to help that way. But stay away from any 'Larry the loan shark's that you may run into. Good luck. I'm sure with patience and persistence, you can work it out.
In order to get a loan, you first have to prove that you really don't need one !!!!!!!!! Yes - it's nuts but that's how it works. Have you tried a mortgage company and buy it as your primary residence - that is - where you will actually live ???? They maybe able to help that way. But stay away from any 'Larry the loan shark's that you may run into. Good luck. I'm sure with patience and persistence, you can work it out.
find another lender
That sounds suspicious to me. While boat loans may be a different animal, most loans are based on a debt to income ratio. for example, a lender might want to see that no more than 28% of your net income is used for debt service, or something like that. If you're debt-free, have established credit, and have the steady monthly income to make the payments you should have any trouble.
That sounds suspicious to me. While boat loans may be a different animal, most loans are based on a debt to income ratio. for example, a lender might want to see that no more than 28% of your net income is used for debt service, or something like that. If you're debt-free, have established credit, and have the steady monthly income to make the payments you should have any trouble.
Try these two
USAA (1 800 531 bank) or First Command Bank (1 888 763 7601) they both cater to military folks and are usually easier to deal with or are you trying to get in on their financing deal they are running?
USAA (1 800 531 bank) or First Command Bank (1 888 763 7601) they both cater to military folks and are usually easier to deal with or are you trying to get in on their financing deal they are running?
Same problem
I had the same problem on a new 380. My ratios were definitely not the problem nor my credit score (high 700's)it was lack of other assets. I went to Eboatloan.com and they found a lender who was more worried about my ability to pay than what else I owned... Brian
I had the same problem on a new 380. My ratios were definitely not the problem nor my credit score (high 700's)it was lack of other assets. I went to Eboatloan.com and they found a lender who was more worried about my ability to pay than what else I owned... Brian
not a lawyer, thief, or BANKER
ok, hate to admit it around boats and parrotheads but I am a banker, and the last time I tried to give financial advise on HOW I was chided about needing to buy an ad! But here's the deal Lucile, bankers typically don't see floating boats as liquid assets or good collateral. Your bank is looking for RESERVES. they think you won't walk from money but you will walk from a boat. 3 suggestions. 1)go to boat people (BoatUS for example, 2) consider a home equity loan instead, or 3) find a loan officer with nautical trinkets and art in his office. The above comments, while they are little tongue in cheek, may be helpul. Fair winds my friend.
ok, hate to admit it around boats and parrotheads but I am a banker, and the last time I tried to give financial advise on HOW I was chided about needing to buy an ad! But here's the deal Lucile, bankers typically don't see floating boats as liquid assets or good collateral. Your bank is looking for RESERVES. they think you won't walk from money but you will walk from a boat. 3 suggestions. 1)go to boat people (BoatUS for example, 2) consider a home equity loan instead, or 3) find a loan officer with nautical trinkets and art in his office. The above comments, while they are little tongue in cheek, may be helpul. Fair winds my friend.
Depends on the location I think
I have financed nine boats--most at good interest rates. I know that in the Puget Sound area, several banks have said to me in the past that boat loans were better than house loans. People tend to default on Houses before they do on their boats. Each dealer knows which banks and financial institutions are hungrey and have good rates. In selling a boat, they have to know. There are also financial brokers (in Puget Sound) that will broker a loan for you. They get their money from the loan institution that they represent. Andy is correct when he states that banks loan on houses since they know that kind of trade, however, some banks actually have a marine loan officer who understnads boats. Call different banks and ask if they have a marine loan officer. If I were buying a small to medium boat in the Puget Sound today, I would go to PEMCO in Seattle. Great rates.
I have financed nine boats--most at good interest rates. I know that in the Puget Sound area, several banks have said to me in the past that boat loans were better than house loans. People tend to default on Houses before they do on their boats. Each dealer knows which banks and financial institutions are hungrey and have good rates. In selling a boat, they have to know. There are also financial brokers (in Puget Sound) that will broker a loan for you. They get their money from the loan institution that they represent. Andy is correct when he states that banks loan on houses since they know that kind of trade, however, some banks actually have a marine loan officer who understnads boats. Call different banks and ask if they have a marine loan officer. If I were buying a small to medium boat in the Puget Sound today, I would go to PEMCO in Seattle. Great rates.
Andy is more or less right-
I'm an "ex" banker and Andy is pretty right. You do need to go to a financing house(direct or indirect) that is familiar with boats- and boats of that size. Having some (good)credit card history is important. I got my boat financing before I ever bought a house. I financed a Prindle 18, an Oday23 and H28.5. Try Essex, First Commercial, New England Savings or those that advertise at the NYC (or other) regional boat shows. You will need to make it a USCG "documented" vessel and they'll take UCC's on it as well. If you are running lean on "reserves" they will make you put up more of the initial cost. IF its a used boat the boat values are spongy-er and you will most likely needmore down & get a survey (and probably a haul out to do a complete survey) - but make sure the surveyer is approved by the finaning house. You will need the survey to get the hull risk / liability insurance antway. Take pictures of it hauled. You might be able to mitigate your costs if its your primary residence and qualifies for mortgage interest deductions. Check the outfitting prerequisites with your accountant. Good Luck, Jim
I'm an "ex" banker and Andy is pretty right. You do need to go to a financing house(direct or indirect) that is familiar with boats- and boats of that size. Having some (good)credit card history is important. I got my boat financing before I ever bought a house. I financed a Prindle 18, an Oday23 and H28.5. Try Essex, First Commercial, New England Savings or those that advertise at the NYC (or other) regional boat shows. You will need to make it a USCG "documented" vessel and they'll take UCC's on it as well. If you are running lean on "reserves" they will make you put up more of the initial cost. IF its a used boat the boat values are spongy-er and you will most likely needmore down & get a survey (and probably a haul out to do a complete survey) - but make sure the surveyer is approved by the finaning house. You will need the survey to get the hull risk / liability insurance antway. Take pictures of it hauled. You might be able to mitigate your costs if its your primary residence and qualifies for mortgage interest deductions. Check the outfitting prerequisites with your accountant. Good Luck, Jim
- Status